Hester Peirce: The U.S. Can Learn from Europe’s Regulation
- Hester Peirce believes the US could learn from the UK and Europe’s push for crypto-friendly policies.
- Peirce has previously voiced her support for cryptocurrencies.
Hester Peirce, a commissioner at the Securities and Exchange Commission (SEC), believes that Europe’s ground-breaking crypto regulation might serve as a model for the U.S. Peirce praised the quick pace with which the European Union organized its digital finance policy. The European Parliament approved Markets in Crypto Assets (MiCA) last month, establishing a thorough framework for cryptocurrency regulation across the 27-nation EU.
While speaking at the Financial Times’s Crypto and Digital Assets Summit in London on Wednesday, Peirce remarked that “MiCA can serve as a model for us,” adding that the United States could draw inspiration from the UK’s approach to becoming a cryptocurrency hub.
Peirce also voiced her support for a regulatory model “that allows for innovation.” She praised the UK’s approach, saying, “I think that’s something that we can learn from and draw from, but whether or not that will take a little longer for us, I don’t know.”
The US lawmaker noted that the US had the “advantage” of seeing how MiCA plays out. However, US regulators seem divided on a clear-cut policy for the crypto industry, and the approaches of the SEC and other agencies have received widespread criticism.
Politicians from the EU have expressed an interest in sharing their experiences with crypto regulation with US lawmakers. This comes amidst rising tensions between crypto companies and US regulators. US-based crypto exchange Coinbase recently filed a petition against the SEC, demanding clarity from the regulator.
Peirce believes Europe’s structured policies could lure more crypto companies into the region. She said, “If we built a good regulatory regime, people would come. I think you’ll see that with MiCA.” Peirce further claimed that U.S. authorities are “shooting ourselves in the foot” by failing to collaborate with those within the regulatory field and not recognizing DeFi’s role in creating a stable financial system.
It remains to be seen if US lawmakers will collaborate to create clearer policies for digital assets. However, crypto experts believe country’s slow approach keeps it behind the EU, UAE and the UK.